Saudi firm wins contract in UAE with Korean company

Saudi Arabia’s Mohammad Al-Mojil Group signed on Monday a 197 million riyal contract ($52.5 million) with South Korea’s Hyundai Engineering and Construction Co to build an engine oil factory in Abu Dhabi.

Construction will start in February and run through December 2012, according to a statement posted on the Saudi bourse website.

The project is the Saudi company’s first in the United Arab Emirates, the statement said.